AGF Reports May 2008 Mutual Fund Sales



    TORONTO, June 3 /CNW/ - AGF Management Limited (AGF) reported total
fee-earning assets under management (AUM) of $51.8 billion as at May 31, 2008.
Gross sales of long-term mutual funds were $297.6 million and net redemptions
of long-term mutual funds were $103.0 million for the month ended
May 31, 2008.
    "Overall AUM levels have remained relatively strong even though investors
continue to remain cautious. However, with markets stabilizing, we anticipate
renewed investor confidence in the later part of fiscal 2008," said Blake C.
Goldring, chairman and chief executive officer, AGF Management Limited. "At
AGF, we continue to work diligently with our clients, focusing on our
long-term fundamentals and objectives."

    
    -------------------------------------------------------------------------
    ($ millions)   Assets at  Gross Sales  Redemptions  Net Sales  Net Sales
                   May 31/08     May 2008     May 2008   May 2008   May 2007
    -------------------------------------------------------------------------
    Long-term
     funds           $28,152       $297.6       $400.6    $(103.0)    $268.6
    -------------------------------------------------------------------------
    Money market         475         14.9         24.0       (9.1)      (7.5)
    -------------------------------------------------------------------------
    Total mutual
     funds           $28,627       $312.5       $424.6    $(112.1)    $261.1
    -------------------------------------------------------------------------
    Institutional +
     high-net-worth   23,153
    -------------------------
    Total Assets     $51,780
    -------------------------
    

    Average daily mutual fund AUM for May 2008 was $28.9 billion, compared to
$28.7 billion in April 2008. AGF institutional and high-net-worth AUM declined
7.9% to $23.2 billion, down from $25.2 billion one year ago, with
approximately half of the decline due to market volatility and the remainder
due to client rebalancing and redemptions, which were non-performance related.
Institutional and high-net-worth AUM increased by 1.6% over April 2008
primarily as a result of new institutional mandates.

    About AGF Management Limited

    AGF Management Limited is one of Canada's premier investment management
companies with offices across Canada and subsidiaries around the world. AGF's
products and services include a diversified family of more than 50 mutual
funds, the evolutionary AGF Elements portfolios, the Harmony asset management
program, AGF Asset Management Group services for institutional and
high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With
approximately $52 billion in total assets under management, AGF serves more
than one million investors. AGF trades on the Toronto Stock Exchange under the
symbol AGF.B.





For further information:

For further information: AGF Management Limited shareholders and
analysts, please contact: Greg Henderson, CA, Senior Vice-President and Chief
Financial Officer, (416) 865-4156, greg.henderson@AGF.com; Media, please
contact: Lucy Becker, Vice-President, Corporate Communications, (416)
865-4284, lucy.becker@AGF.com


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